Cyber Round Up: Rollback of Net-Neutrality Rules; Budgets Hindering Cyber Buildup; Data Breaches Costing Shareholders Billions
- Fight Looms Over Planned Rollback of Net-Neutrality Rules (WSJ): More changes are coming to internet regulation, but not without a fight, an article earlier this week said. FCC Chairman Ajit Pai announced that he plans to rollback Obama’s net-neutrality regulations, which were intended to increase competition by requiring internet service providers such as cable and wireless firms to treat all internet traffic the same. Democrats and internet providers favor the regulations, while Republicans say they went too far. The rollback would shift oversight from the FCC to the FTC. The full analysis of the regulation change can be found here.
- Budget woes hinder US cybersecurity buildup (The Hill): Another stopgap budget won’t be very good for U.S. cybersecurity, an article reports. Continuing Resolutions do not provide the flexibility needed to prioritize certain issues, and according to Rep. Jim Langevin (D-R.I.), a member of the House Armed Services and Homeland Security committees, “Cyber is certainly potentially one of them.” The reason this dilemma exists is because Continuing Resolutions rely on previous years budgets and do not allocate funds for changing needs, including bringing on new personnel. Eric Trexler, director of national security and civilian programs at the cybersecurity firm McAfee, explained that cyber is a constantly evolving field and with these short term budget fixes, the government will end up with outdated technology. The full article can be read here.
Cyber breaches have cost shareholders billions since 2013: report (Reuters): Data breaches have a long term impact not just on companies, but on shareholders, an article earlier today reported. Oxford Economics and IT company CGI put together a report on the financial impact of data breaches to shareholders. At the time of this post, the full report was not readily available to the public. According to the article, which summarized the results, data breaches caused firms’ stock prices to drop 1.8% on a permanent basis. Investors in an average firm that was evaluated would lose £120 million, or nearly $150 million. The full summary of the study can be read here.